Venezuela says expects OPEC to cut supply at meet

Venezuela's economy minister expects OPEC to agree to cut oil supply at an emergency meeting next week to stem crashing world prices by bringing supply and demand into better balance.

OPEC's president has said a cut is likely and Qatar's oil minister has said it could be about 1 million barrels a day from an organization that supplies the world with about a third of its oil supply.

Oil prices have plunged in recent weeks as a global credit crunch has spurred fears of recessions worldwide that would slash demand for oil. Prices lapped up at $150 a barrel in July but have fallen to less than half that this week.

TVNL Comment: And jackass Republicans still rant about the need to drill more! It is all about a conspiracy to keep prices up. Here you have proof. Prices drop on less demand so they cut production to intentionally keep the price high. How stupid are Americans? They ignore everything in the world except for the icons, be they in Church, on TV or in government!